Russia has taken a step towards full regulation of the crypto market. The government commission has approved a bill that introduces rules for the circulation of cryptocurrencies and effectively legalizes their use under state control.
The new document establishes key concepts — from digital currency to digital financial assets and hybrid rights. Cryptocurrency is considered both an investment tool and a means of payment, but with strict control from the regulator.
The main change is the emergence of an entire infrastructure of market participants. Only specialized organizations will be able to work with cryptocurrencies: depositories for asset accounting, exchange platforms for transactions, and operators responsible for the issuance of digital rights. All of them will be included in registers and supervised by the Bank of Russia.
For the first time, the law prescribes rules for mining. Companies and individual entrepreneurs will be able to mine cryptocurrency only after registration, and individuals will be allowed to mine subject to energy consumption limits.
The purchase and sale of cryptocurrency for Russians will also be carried out through intermediaries — exchanges, brokers, and exchange services. At the same time, limits will be introduced for unqualified investors, and testing will be required before purchasing.
Special attention is paid to security: market participants are required to check crypto addresses for links to illegal activities, and a protection mechanism is provided for users — in case of suspicious transactions, a refund is possible.